Armenia’s economy has grown by 3% in 2015 instead of the 4.1% stipulated in the state budget, the National Statistical Service said.

According to preliminary data, GDP volume amounted to over AMD 50 billion in 2015, with that of 2014 having totaled around AMD 48,5 billion.

The state budget envisaged 4% inflation against the backdrop of the 4.1% economic growth in 2015. Meanwhile, the 2016 state budget has planned a 2.2% real GDP growth.

The United Nations and Bloomberg predict a 2.5% economic growth for 2016, the World Bank forecasts a 2.2% increase, while the Eurasian Development Bank anticipates a 1.7-2.2% rise in Armenia’s economy.

For a third consecutive year, Armenia hasn’t managed to reach the growth index envisaged in the 2015 state budget.